Colombia Site Visit: Vibrancy and Opportunity
A recent visit by some of our team to Colombia has revealed promising new opportunities for the GitLab Foundation. The week-long trip was part of our strategic plan to carry out on-the-ground, deep-dive research into potential geographic areas of investment and included meeting stakeholders in Bogotá, Medellín, and Cartagena.
In early 2022, the Foundation completed a data-driven screen of 145 countries across 29 data sets to identify initial international market entry opportunities. Through this process, we identified Colombia as one of our countries to explore due to its stable operating environment, general economic growth, and potential to contribute to tackling economic mobility challenges.
Informal labor market
Colombia has made strides in economic development in recent decades, but several challenges have kept wages low and hampered economic mobility. One key issue is the large number of individuals working within informal labor markets. Over 60% of workers have informal jobs, which can lack access to social security benefits and offer fewer benefits as compared to formal employment.
Migration and internal displacement
Our trip illuminated the opportunity to focus on migration and internal displacement. Colombia has welcomed millions of people into their communities as regional disruptions push families out of their home countries. The recent arrival of more than 2M Venezuelan refugees has pressured social and economic systems and also prompted the government to develop new workforce development strategies. While in country, we met with partners working on comprehensive community development and resettlement programs. We learned that, when conducted well, refugee and migrant resettlement programs have been proven to stimulate community development and economic growth.
Young people
Our meetings with partners such as the International Youth Foundation and the Global Opportunity Youth Network revealed that Colombia is a young country. As of 2022, more than 37% of the total population was between 0 - 24 years old and 15% between 15 - 24. While national unemployment has decreased to 9% in 2023, the youth unemployment rate has remained at a high of 22%. As the country ages, it will be especially important to ensure that young people have opportunities to grow their skills and land good jobs, contributing to a vibrant economy in the years to come.
Moving Forward
Overall, our trip revealed a vibrant and very creative economy. We are excited to continue this learning journey in 2024 and identify opportunities and partners that increase individuals' income and improve livelihoods.
We are grateful to all the funders and nonprofit organizations who took the time to meet with us on our trip and share insights into their work and their country. These include Casa Innovation; Comfenalco Antioquia; Fundacion Corona; Global Green Growth Institute; Global Opportunity Youth Network, Bogota; Granitos de Paz; International Youth Foundation; Laboratoria; Makaia; Open Societies Foundation; and UNDP. Learn more about our strategy here.
